To recast itself as a global hub for business and finance, the UAE wants to strengthen trade connections with fast-growing nations in Asia and Africa and attract over $150 billion in foreign investment.
The UAE, as the Middle East's commercial and trading hub, has maintained a strong trade momentum despite pandemic headwinds and is eager to further strengthen its relationships with key trading partners as the global economy recovers and trade recovers, said Saud Salim Al Mazrouei, Director of Hamriyah Free Zone Authority, at the Grand Hyatt Dubai, during the opening of the two-day 5th Mahabiz 2022.
"For many years, the UAE and India have had a strong commercial connection, and as these ties deepen, we see the trade markets grow and diversify." Before the outbreak, India was the UAE's second-largest commercial partner, with roughly $40 billion in non-oil commerce. "After the United States, the UAE is India's second-largest export destination, with shipments valued at almost $29 billion in 2019-20," he added.
He claims that Hamriyah Free Zone offers all the support and facilities that investors need to expand their enterprises in the Middle East and the Gulf Cooperation Council, including many incentives, first-rate services, and the best security and safety standards for their facilities.
Despite variations in the performance of a number of emerging economies and the world economy in 2021, Al Mazrouei remarked that the Hamriyah Free Zone Authority (HFZA) was strong and competitive.
He went on to say that the Authority has attracted foreign enterprises from the United States, Africa, India, and other countries, with investments totaling AED271 million ($74 million) and spanning two million and 850,000 square feet.
Al Mazrouei encouraged entrepreneurs to take use of the Hamriyah Free Zone's numerous advantages. "It is one of the largest and fastest-growing industrial free zones in the Middle East, with a total area of 30 million square metres," he continued. HFZA is home to over 6,700 companies from more than 160 countries, and we are an ideal destination where Small and Medium Business Enterprises and Large Industries co-exist and flourish."
In addition to its role in addressing the difficulties facing the private sector, HFZA emphasises the importance of business innovation as a vital driving factor for economic growth and productivity improvement, as well as transformation towards a knowledge economy, he said.
The Authority also emphasises the importance of innovation to all countries striving to improve their competitiveness and place in the global economy.
As a Title Sponsor, HFZA took part in the conference organised by GMBF Global (Gulf Maharashtra Business Forum). Over 600 entrepreneurs from all over the world came together for the worldwide Business Event to network, share expertise, and build significant relationships.
The event also covered a variety of economic topics, including corporate innovation and the electronic market, as well as topics of importance to the local and worldwide business community.
Al Mazrouei highlighted Africa as one of the UAE's most important markets, emphasising the UAE's desire to play a larger role in the development of several key sectors in African countries, including infrastructure, oil, gas, mining, energy, food, transportation, logistics, ports, and information technology.
He emphasised the necessity of investing in innovation, creativity, and research and development, especially in light of the global economy's rapid changes.
"Thanks to the proactive vision of the government, which continues to develop mechanisms, services, and legislation to keep pace with modern developments and economic growth, the UAE has recognised this trend early on, making it stand out today as a platform for innovation at the regional and global levels, and a perfect environment for business sectors seeking excellence in services and products," he added.
Al Mazrouei stressed the importance of stepping up efforts to stimulate private-sector innovation in order to achieve the National Innovation Strategy's goals of creating cities, smart apps, and IT in order to increase the quality of services supplied.
He went on to remark that the UAE free zones are one of the most important integrated economic solutions, capable of adapting to the global economic climate's numerous swings and converting obstacles into opportunities.
"HFZA is a great example of this, whether it's the Sharjah government's support for its investors and the benefits they get, or the zone's services and amenities. This includes the Hamriyah Free Zone's quick issue of permits, top-notch administrative, technical, and logistical services, as well as smart platforms and digital services that have made it one of the most flexible free zones in the world "he stated.
This is in addition to Sharjah's competitive advantages, prospects, and growth potential, which stem from the city's strategic location connecting East and West, as well as its unrivalled worldwide connectivity.
The Director of the Hamriyah Free Zone Authority explained the Authority's strategy, which is based on economic diversification in terms of providing the right environment to attract new sectors, cooperating with business institutions, participating in major exhibitions, and developing infrastructure to improve investors' experience.